Trump Fed nominee Shelton promises ‘intellectual diversity’

Trump Fed nominee Shelton promises 'intellectual diversity'
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Must corrupt all branches… Must corrupt all branches…

Washington — President Donald Trump’s nominee to the Federal Reserve touted her credentials in written testimony Thursday and said she would “work collegially” if approved. Judy Shelton, a former adviser to Trump’s campaign, said, “I hope to contribute intellectual diversity” to the Fed’s Board of Governors. Shelton will likely face tough questioning by the Senate Banking Committee Thursday, which is considering her nomination. Shelton has come under fire from mainstream economists and Fed watchers for her unorthodox views, including support for tying the dollar’s value to gold or some other reference point and questioning the need for a fully independent Fed. Shelton has also expressed seemingly contradictory views on interest rate policy and once suggested that the federal government need not guarantee bank deposits. In the aftermath of the Great Recession, when the unemployment rate peaked at 10% in 2009, Shelton opposed the Fed’s ultra-low interest rate policy. Yet she has since echoed Trump’s support for ultra-low rates even as the unemployment rate has reached a near-half-century low of 3.6%. Shelton recently served as U.S. executive director for the European Bank for Reconstruction and Development, a multilateral institution set up in 1991 to help former communist countries transition to market economies. She was previously a scholar at the Hoover Institution at Stanford University. Besides Shelton, Trump has also nominated Christopher Waller, director of research at the St. Louis Federal Reserve Bank, for a second vacancy on the seven-member Fed board. If both nominees are confirmed by the committee and […]

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